Key Innovations In The Nigerian Arbitration And Mediation Act 2023

INTRODUCTION:

Litigation which is commonly practiced in Nigeria is considered rigorous in nature but arbitration which has become a conventional vehicle as an alternative for the settlement of disputes and this is done by a neutral third party which is referred to as "The Arbitrator" or a panel of neutrals referred to as the "Arbitral Tribunal".

On the 26th day of May 2023 the then-president of the Federal Republic of Nigeria, Muhammadu Buhari signed into law the Arbitration and Mediation bill which marked the end of the legislative process and the beginning of a new arbitration regime in Nigeria.

The 2023 Arbitration and Mediation Act offers a revamped legal framework to entities seeking to arbitrate their commercial disputes in Nigeria. This new law encompasses several novel provisions that significantly alter the existing legislative arbitration framework and have the potential transform the arbitration landscape in Nigeria.